Entertainment

Defining The Luxury Market And The Affluent Society

As a connoisseur of luxury goods, I enjoy and appreciate select manufacturers who painstakingly take the time to design, create and manipulate some of the most exquisite, opulent and one of kind products admired by many, but owned by a select few. In a world where we are free to dream up almost any creation imaginable, there are luxury designer architects anxiously awaiting our phone call to make any fantasy and wildest dream come true. The more unique, intricate and customized, the better and more excited the luxury consumer becomes. “Why?”

As the wealth of consumers continues to increase, luxury goods companies are continuously searching for ingenious creations to provide to their expanding clientele which is younger and more successful than ever before. Many luxury consumers have created enormous wealth for themselves and continuously seek out ways to self indulge by purchasing one of a kind products and indulging in services that others only dream of.

Since luxury consumers work hard to create their wealth, extra special care and creativity is exercised in how it is spent. Luxury consumers enjoy, appreciate and desire the same luxury in as many aspects of their lifestyles and activities as much possible. From the clothes they wear, to watches and accessories, what they drive and elite private exclusive membership clubs, it all must represent their own individual brand image. It’s part of their strategy to continuously market themselves to the very people they try and engage in business with on the golf course or in the boardroom.

Luxury consumers buy luxury products and consume luxury services for their premium quality, personal history with a brand and self- pleasure. Many luxury brands position their products to be highly differentiated in the market amongst competitors by the use of celebrity spokespeople, distinctive packaging and multi-million dollar ad campaigns. Consumers also associate this premium quality with superior materials and colors that ensure product longevity and durability. Quality should ensure longevity when the product is passed on from one generation to another. It should never lose its appeal but should become better with time. Therefore, a higher price is more justifiable because of the outstanding quality and aesthetics that mass-produced goods can’t guarantee.

Consumers prefer to buy products from luxury brands that are considered experts in their field, for example, bags from Hermes, accessories from Gucci, or jewelry from Cartier. Most feel brand names guarantee quality and security that the product will last for a long time. Many consumers buy luxury products because it makes them feel comfortable and fills their life with enjoyment. Luxury goods are consumed either for social recognition, status and positive impression purposes or for hedonic and pleasure seeking purposes. Luxury brands possess emotional values in addition to functionality and provide subjective intangible benefits.

Luxury consumers enjoy the experience of buying products. Therefore, selling luxury and high end products requires a special type of experience that consumers are hoping to engage in. Luxury brands try and create an experience unlike other brands during the purchasing process by inviting customers to interact and engage with the brands they love. Customers enjoy the option of being involved in everything from assisting in the creation of the packaging they like to purchase products in, to interacting with the designers and creators themselves to create their own one of a kind product.

This creates a situation in which luxury consumers are not price sensitive to the cost of fulfilling their needs, but emotionally connected. They are willing and able to spend thousands of dollars to allow themselves to experience the continuous enjoyment of their favorite products, shows, restaurants, hotels and services. Availability and timing are two important factors they consider most before purchases. Luxury customers are willing to pay whatever is needed to secure what they want when they desire it because they enjoy such higher levels of disposable incomes. “Why luxury?” “Why not.”

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